Fraud will impact on reporting of results
Accountancy Age, 26 Oct 2006
Music giant EMI has announced that it has discovered a ‘one-off accounting fraud affecting the reporting of results’ at its Brazilian music arm.
According to the group, the fraud caused an overstatement of revenues of around £12m and profits of about £9m.
The impact of correcting its figures will be felt in results for the six months to September this year, due to be released on 5 November, it hasbeen reported.
The company said it has launched a full inquiry and has suspended - pending its outcome - certain senior managers at its Brazilian business.
The company big name artists include The Beatles, Robbie Williams, Norah Jones and Joss Stone.
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